Can Registered Users On My Wordpress Site Have Their Own Subdomain and "Blog"?

I want to use wordpress to create a blog community where registered users can make their own posts under a subdomain. Are there any plugins or resources that will help me accomplish this?

Thanks in advance!

Wordpress can do this out-of-the-box with Multisite. Upon registration they will be asked if they would like to create a blog and what subdomain they would like to use. Google “Wordpress Multisite Setup” for some good tutorials on installation.